The impact of product and process innovation on abandoning fossil fuel energy consumption in low and middle income countries: consent towards carbon neutrality

The study used a sample of 43 low and middle-income countries for the time span 14 years, i.e., from 2005 to 2018 with objective analyze global fossil fuel market. novelty lies in its variable product process innovation, as well methodology adopted by System GMM model. fuels demand terms Domestic material consumption is regressed against 4 Energy social economic variables. employed model estimation results FMOLS robustness check. reveal that estimates lag consumption, price GDP are statistically significant positive while patents negative. suggests middle income countries’ Government should focus on innovation critical element structuring their policy climate change mitigation.